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TORONTO, Nov. 18, 2020 /CNW/ - Manulife Investment
Management announces the acquisition of Le Vibe, a recently
constructed two-building purpose-built residential complex located
at 78-88 Rue Dollard-des-Ormeaux, in downtown Gatineau, Quebec on behalf of its Manulife
Canadian Property Portfolio fund. The addition of the asset
presents an opportunity to further diversify Manulife Investment
Management's real estate portfolio.
"Multifamily investments have shown resiliency through recent
market cycles providing stable cash flows and long-term growth
potential," said Gregory Sweeney,
Manulife Investment Management's Head of Canadian Real Estate
Investments. "Manulife Investment Management continues to look to
expand our multifamily portfolio. Le Vibe represents our first
investment in the Ottawa-Gatineau multifamily market and our fourth
multifamily investment nationally year-to-date."
The property comprises two, eight-storey towers, connected by
two-levels of underground parking, totaling 180 units with a suite
mix of one-bedroom, two-bedroom, and three-bedroom units ranging
from 585 to 1,419 square feet. The complex also features on-site
amenities including a gym, a rooftop terrace and stunning views of
Ottawa's parliament buildings.
Le Vibe offers urban living conveniences including direct access
to transit, with quick connection to Ottawa's downtown and Byward Market. The
property's location in the central business district not only
provides a vast number of amenities within walking distance but is
also near many green spaces and the Ottawa River.
About Manulife Investment Management, Private Markets
Manulife Investment Management's comprehensive private markets
capabilities include real estate, private equity and credit,
infrastructure, timber and agriculture. Through its Real Estate
group, Manulife Investment Management develops and manages
commercial real estate for thousands of customers around the globe.
As at June 30, 2020, the real estate
portfolio totals 62 million square feet of office, industrial, and
retail space and over 6,000 multifamily units strategically located
in markets across Canada, the
U.S., and Asia. The group
leverages its global platform and local expertise to provide
market-leading solutions for its tenants and deliver results for
its partners.
Additional information can be found at
www.manulifeim.com/realestate.
About Manulife Investment Management
Manulife
Investment Management is the global wealth and asset management
segment of Manulife Financial Corporation. We draw on more than a
century of financial stewardship and the full resources of our
parent company to serve individuals, institutions, and retirement
plan members worldwide. Headquartered in Toronto, our leading capabilities in public
and private markets are strengthened by an investment footprint
that spans 17 countries and territories. We complement these
capabilities by providing access to a network of unaffiliated asset
managers from around the world. We're committed to investing
responsibly across our businesses. We develop innovative global
frameworks for sustainable investing, collaboratively engage with
companies in our securities portfolios, and maintain a high
standard of stewardship where we own and operate assets, and we
believe in supporting financial well-being through our workplace
retirement plans. Today, plan sponsors around the world rely on our
retirement plan administration and investment expertise to
help their employees plan for, save for, and live a better
retirement.
As of September 30, 2020, Manulife
Investment Management had CAD$923
billion (US$692 billion) in
assets under management and administration. Not all offerings
are available in all jurisdictions. For additional information,
please visit manulifeim.com.
This news release is not, and under no circumstances is to be
construed as, a prospectus or an advertisement for a public
offering of securities of Manulife Canadian Property Portfolio. No
securities commission or similar authority in Canada has in any way passed upon the merits
of the securities of Manulife Canadian Property Portfolio and any
representation to the contrary is an offence. The securities
of Manulife Canadian Property Portfolio have not been, and will not
be, registered under the United States Securities Act of 1933, as
amended, or any state securities law and may not be offered or sold
in the United States or to U.S.
persons or other non-residents of Canada. In the event of a conflict between
this news release and Manulife Canadian Property Portfolio's
offering memorandum, the information contained in the offering
memorandum shall govern.
SOURCE Manulife Investment Management